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4-Traders Homepage  >  Equities  >  Athens Stock Exchange  >  Piraeus Bank SA       GRS014003016

PIRAEUS BANK SA
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Greek bank sues Reuters over investigative report

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05/02/2012 | 05:30pm CEST

LONDON (Reuters) - One of Greece's biggest banks has filed a lawsuit against Reuters claiming 50 million euros ($66 million) in damages over a story that exposed a series of property deals between the bank and companies run by the family of its executive chairman.

Piraeus Bank in Athens has sued both the news agency, a unit of Thomson Reuters Corp <TRI.N>, and the article's author, reporter Stephen Grey. The lawsuit accuses Reuters of malicious defamation and of wishing "to harm the entire Greek banking system."

The Reuters special report, headlined "A Greek banker's secret property deals" and published on April 2, reported Piraeus had rented at least seven properties that were owned by a series of private investment companies directed among others by the wife and two children of the bank's executive chairman, Michalis Sallas, and financed by Piraeus bank loans.

The lawsuit says: "The bank never bought or leased any property, particularly illegal ones, from its chairman or his family."

The article was based on a study by Reuters of Greek corporate records and company statements, documents filed in Greek land registries and interviews with legal, accounting and property experts.

In a written statement, a Piraeus spokesman said: "Piraeus Bank has already started legal proceedings in the competent Greek Courts against Reuters as a result of its inaccurate and highly defamatory report." The spokesman said the bank possessed "sufficient evidence and data" to disprove allegations in the article, but the bank declined to provide details.

Reuters director of global communications Barb Burg said: "We continue to stand by our story. Due to the ongoing legal process, we cannot comment further at this time."

Prior to publication, Piraeus and Sallas declined to answer questions about the deals, which had not been declared to shareholders.

The bank, whose stock price has fallen 97 percent since its peak in 2007, is due to receive up to five billion euros as part of a bailout backed by European taxpayers.

The lawsuit says that the article's publication caused the bank's shares to tumble 14.5 percent, representing a loss to the bank at the time of 46 million euros. The shares had more than recovered their value a week later before declining again.

(Corrects date of story)

(Reporting by Simon Robinson and Matthew Tostevin)

Stocks treated in this article : Bank of Piraeus, Thomson Reuters Corp
Stocks mentioned in the article
ChangeLast1st jan.
THOMSON REUTERS CORP -0.53% 50.93 Delayed Quote.-6.55%
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Financials (€)
Sales 2018 2 154 M
EBIT 2018 952 M
Net income 2018 120 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 8,94
P/E ratio 2019 4,65
Capi. / Sales 2018 0,63x
Capi. / Sales 2019 0,62x
Capitalization 1 362 M
Chart PIRAEUS BANK SA
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Piraeus Bank SA Technical Analysis Chart | GRS014003016 | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus HOLD
Number of Analysts 14
Average target price 3,90 €
Spread / Average Target 28%
EPS Revisions
Managers
NameTitle
Christos Ioanni Megalou Chief Executive Officer & Executive Director
George P. Handjinicolaou Non-Executive Chairman
George I. Poulopoulos Chief Operating Officer & Senior General Manager
K. Paschalis Chief Financial Officer
Jannis Delis Head-Group Technology
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